Ban on credit card fees has boosted transactions, says Mastercard

Ban on credit card fees has boosted transactions, says Mastercard BelfastTelegraph.co.uk Mastercard vice-chairman Anne Cairns has said the EU’s ban on credit card surcharging has boosted transactions and dismissed fears over a return of the £166 million-a-year fees after Brexit. https://www.belfasttelegraph.co.uk/business/uk-world/ban-on-credit-card-fees-has-boosted-transactions-says-mastercard-37539904.html https://www.belfasttelegraph.co.uk/business/uk-world/article37539901.ece/38aa9/AUTOCROP/h342/bpanews_f7d00005-dce5-490e-b9ad-126672ef44a8_1 Email Mastercard vice-chairman Anne Cairns has said the EU’s ban on credit card surcharging has boosted transactions and dismissed fears over a return of the £166 million-a-year fees after Brexit. Ms Cairns said the ban on surcharging had been “fantastic” not only for consumers, but also the credit card industry. She told the Press Association that Mastercard’s transaction numbers had increased since the ban came into force across Europe in January, which prevents firms from charging consumers for using credit or debit cards or PayPal. “The elimination of (surcharges) has been fantastic for consumers and we’ve seen more transactions,” she said. “It’s been hugely positive. “When I go to other countries in the world and find out I’m being surcharged, I go nuts,” she added. But there are worries a no-deal Brexit scenario could prove the ban is short-lived in the UK. Recent technical papers released by the Government revealed the ban would no longer cover cross-border payments between the UK and Europe in the event of a cliff-edge withdrawal. The Treasury said the cross-border card charges cost Britons £166 million in 2015. Ms Cairns brushed aside fears the ban would not be enforced, saying she “can’t ever see it coming back in”. “Consumers would make their preference heard,” she said…. [Read full story]